FINAL TRADE: Nifty reclaims 19,800, Sensex finishes 92.47 pts higher as market rises for second straight day
Stock market today: Stocks of IT companies, which earn a significant share of their revenue from the US, climbed 0.74 per cent to end at 32,564.4.
Stock market today: Domestic benchmark indices Nifty 50 and Sensex finished higher for the second straight session on Wednesday, boosted by strong buying interest in IT stocks and mild gains in FMCG and oil & gas scrips. The Nifty 50 closed 28.45 points, or 0.14 per cent, higher at 19,811.85, while the Sensex settled 92.47 points, or 0.14 per cent, higher at 66,023.24. Stocks of IT companies, which earn a significant share of their revenue from the US, climbed 0.74 per cent to end at 32,564.4.
On the contary, the heavy-weight bank index—Nifty Bank—settled 0.55 per cent or 239.55 points, lower at 43,449.6. The more domestically-focussed Smallcap 100 ended 1.21 per cent lower, while the Midcap 100 index finished 0.34 per cent higher.
BPCL, Cipla, Bajaj-Auto, and Infosys were among the top gainers in the Nifty basket, as they traded with gains of around 1-4 per cent. On the other hand, IndusInd Bank, Kotak Bank, Adani Ports, and Hindalco were among the top gainers, down nearly 1-2 per cent.
"Despite the FED adopting a cautious stance in its minutes and refraining from indicating a rate cut, the market recovered from the day’s correction and ended with a mild gain, Vinod Nair, Head of Research at Geojit Financial Services, said.
On the other hand, the broader market witnessed some profit booking as investors' focus shifted to the primary market, marked by a set of IPOs scheduled for this week. However, the undercurrent is positive, with a cooling of inflation and an easing US bond yield supporting a short- to medium-term rally," the expert added.
Global market
European shares climbed to a two-month high on Wednesday, led by real estate stocks, with software firm Sage jumping to a record high following a strong annual operating profit and a share buyback plan.
The pan-European STOXX 600 was up 0.2 per cent at the last count, while real estate stocks led sectoral gains, rising 1.1 per cent. Further, a gauge of Eurozone equity volatility retained its downtrend, reaching its lowest level since July.
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